Dirección Estratégica de la Empresa

.: Index

18.1. INTRODUCTION
18.2. EVOLUTION OF THE AUDIOVISUAL SECTOR
18.3. REASONS FOR THE MERGER
18.4.1. General aspects of the merger
18.4.2. Organisational and productive integration
18.4.3. Anti-trust considerations

.: Case overview

The merger involving Antena 3’s takeover of La Sexta in October 2012 has been seen as one of the most successful operations undertaken in the audiovisual industry. Analysts and investors, as well as European operators, have made a very positive assessment of this operation, both in terms of audience figures and the success of the new group’s programming, as well as regarding its economic and financial performance. Operational and productive integration has provided the backbone for this success, all at a time marked by crisis and its knock-on effect on the downturn in the advertising market.

.: Objectives

• Analyse the process involved in the merger of Antena 3 and La Sexta

• Observe the state of the audiovisual industry and its evolution in recent years

• Identify the reasons behind this operation

• Study the merger process, especially as regards organisational and productive integration

.: Key words

• Mergers and acquisitions

• Merger by takeover

• Organisational and productive integration

• Audiovisual industry

.: Theoretical references

NAVAS LÓPEZ, J.E.; GUERRAS MARTÍN, L.A. (2013): “Fundamentals of Strategic Management", Thomson Reuters-Civitas, Cizur Menor.

Chapter 7: Methods of development

GUERRAS MARTÍN, L.A.; NAVAS LÓPEZ, J.E. (2015): “La Dirección Estratégica de la Empresa. Teoría y Aplicaciones”, Thomson Reuters-Civitas, Cizur Menor, 5th edition.

Chapter 11: Methods of development: mergers and acquisitions